that a little bit more? there was a concern by the executives. they want to be able to get the salaries tax-deferred. eventually there is a little code put into the tax called the 401k and these high and executives get the right to put their money aside on tax-deferred basis. no one thinks anything of this except for one man who and he sees that why can this be all of us and he gets the administration to agree with his viewpoint on this in the early 1980's. the next part which almost nobody foresaw is the idea that we demand that we don't have to give people pensions, dewey? the 401k could substitute and this is where the corporate cost cutters began and they say even if you are going to match at 3% or 6% is a lot cheaper than funding the pension. besides a lot of people won't find out any way is so don't worry about that but surely over a period of many years, the numbers drift out to where we are today. >> host: this is all happening when the stock market was just waging in the 80s and 90s and people thought there were going to get 25% returns a year. >> guest: there is the opposition exc

to get salaries tax deferred, you know, high earners we're talking here. they go, and eventually, there's a little code put into the tax law in the late 1970s called the 401(k), and these high end executives have the right to put money aside on a tax deferred basis. no one thinks anything of this except for one man, an attorney, and he said why should it just be high end executives? you have to see all of us. they get the administration to agree with his view point on this, and this takes place by the time of the early 1980s, and then the next part, which almost nobody foresaw is the idea that, wait a minute, we don't have to give people pensions, do we? these 401(k)s are really could substitute for a pension, and this is where the corporate cost cutters creep in, and hey, even if you match at 6%, it's cheaper than funding a pension, and, besides, a lot of people won't sign up anyway, don't worry about the 6%. slowly, but surely, over a period of many years, the numbers drift down to where we are today. >> host: and, of course, this was happening while the stock market was just raging t

to college and don't yet have to pay taxes. when i went to school i was primarily concerned with getting good grades richmond spewing rustling political science positions back at my professors. as a, i didn't have time to get wrapped up and fighting for a cause. a republican meeting in the end of my freshman year i was elected a vice president. there were three people in attendance and i cast the deciding vote. during my senior year of college, 9/11 occurred. that event changed my view of the world that this for many of us ensure. it also reaffirmed much of what i had already believe in that pushed me further to the right. it wasn't just the event itself that caused the reaction of the vessel anti-americanism on the campuses afterwards. as you would expect there was outraged for what the audience. except the outrage wasn't directed at the fanatics and he said restricted at the united states. restricted at us for supporting our country and a government that is at times forced to adopt costs and even conflicting policies in a complicated world. of all schools as much of the same. if you happen

as a concern among executives at kodak they want to get salaries tax-deferred, high earners. somebody goes to congress so there is the code put and call the 401k and the high end executives could put money aside tax-deferred basis. nobody thinks anything about this except for one man who is an attorney and he said why should it just be high and executives? he gets the reagan administration to agree and it takes place in the early 1980's. the next part that almost nobody foresaw is the idea we don't have to give people pensions, the for a 1k is a good substitute and this is where the corporate cost cutters start to creep in and say even if you match it is a lot cheaper than finding a pension and a lot of people will sign up anyway. and slowly but surely over a period of many years the numbers are where we are today. >> this happened when the stock market was raging and people thought they would get 20 or 25% returns. >> there may have been more opposition except the stock market doubles again and again and again between 1982 and 2000 or 2007 depending on how you count. people think this is

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